Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama

Year 2018, Issue: 640, 763 - 800, 01.06.2018

Emre Esat Topaloğlu

Abstract

Çalışmada, Kurumsal Yönetim Endeksi’nde 2007-2015 döneminde faaliyet gösteren firmaların sermaye yapılarına etki eden firmaya özgü faktörlerin belirlenmesi hedeflenmiştir. Sermaye yapısı, finansal kaldıraç oranı ile temsil edilirken, firmaya özgü faktörler ise aktif karlılık oranı, firma büyüklüğü, likidite oranı, borç dışı vergi kalkanı, Tobin’s q, büyüme fırsatı, varlık yapısı ve faaliyet kaldıracı oranı ile temsil edilmiştir. Sermaye yapısına etki eden faktörlerin tespit edilmesinde panel veri analiz yöntemlerinden faydalanılmıştır. Analiz sonucunda, likidite oranı, varlık yapısı ve aktif karlılık oranı ile finansal kaldıraç arasında anlamlı ve negatif yönlü ilişki belirlenirken, firma büyüklüğü ile pozitif yönlü ilişki belirlenmiştir. Diğer taraftan borç dışı vergi kalkanı, büyüme fırsatı, faaliyet kaldıracı ve Tobin’s q ile finansal kaldıraç arasında istatistiksel olarak anlamlı herhangi bir ilişki tespit edilememiştir

Keywords

Sermaye Yapısı, Panel Veri Analizi, Kurumsal Yönetim Endeksi

Determination of the Firm Specific Factors Affecting Capital Structure Using Panel Data Analysis: An Application upon the Corporate Governance Index

Abstract

In the study, it is aimed to determine the firm characteristic factors that affect the capital structure of firms operating in the Corporate Governance Index between 2007-2015 period. Capital structure is represented by the financial leverage ratio while the firm specific factors are represented by the return on assets, firm size, liquidity ratio, non-debt tax shield, Tobin’s q, growth opportunity, asset tangibility and operating leverage ratio. Panel data analysis were used to determine the factors affecting capital structure. At the end of the analysis, a statistically significant and negative relationship was observed between liquidity ratio, asset tangibility and return on assets and the financial leverage ratio while a statistically significant and positive relationship was observed between firm size and the financial leverage ratio. On the other hand, no statistically significant relationship was found between non-debt tax shield, growth opportunity, operating leverage ratio and Tobin’s q and the financial leverage ratio

Keywords

Capital Structure, Panel Data Analysis, Corporate Governance Index

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